An investigation by the Philadelphia Inquirer found that the residents of Brith Sholom House, a 360-unit building in Wynnefield, are among thousands of tenants nationwide who were victimized as a result of one family’s empire of neglect. The ownership of Brith Sholom can be traced to the Puretz family, a New Jersey-based real estate family business spanning three generations and numerous holding companies. The businesses owned more than 100 aging affordable-housing complexes across the country — purchased with over half a billion dollars in mortgages and tax-free municipal bonds, many of them attached to voucher contracts with the U.S. Department of Housing and Urban Development (HUD). Instead of using the funds to rehab deteriorating buildings, no maintenance was completed and utility payments went unpaid, leading to massive unpaid bills and electrical, water and gas shutoffs. Lax regulation allowed the Puretzes to benefit from government policies as they ran properties into the ground. The Puretzes are now accused of theft and mortgage fraud — but that doesn’t help the seniors still living at Brith Sholom. The property is under control of court-ordered receivers and requires extensive maintenance work. Although it is scheduled for sheriff’s sale there is no guarantee a buyer will be found. Read the Inquirer article here.
Source: Inquirer; 7/23/2024